Problem: What is $\frac{0.\overline{72}}{0.\overline{27}}$? Express your answer as a common fraction in lowest terms.
Answer: Notice that $0.\overline{72} = 72 \cdot 0.\overline{01}$ and $0.\overline{27} = 27 \cdot 0.\overline{01}.$ Our expression easily simplifies to \begin{align*}
\frac{0.\overline{72}}{0.\overline{27}} &= \frac{72 \cdot 0.\overline{01}}{27 \cdot 0.\overline{01}} \\
&= \frac{\cancelto{8}{72}\hspace{2mm}}{\cancelto{3}{27}\hspace{2mm}} \cdot \frac{\cancel{0.\overline{01}}}{\cancel{0.\overline{01}}} \\
&= \boxed{\frac{8}{3}}.
\end{align*}